Biosante Pharma (AMEX:BPA)
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BioSante Pharmaceuticals, Inc. (Amex:BPA) today
announced that it has signed a Material Transfer and Option Agreement
with an undisclosed European pharmaceutical company for an exclusive
option to obtain an exclusive, worldwide license to use BioSante's
calcium phosphate nanotechnology (CaP) in the development of a series
of allergy products. The partner company will fund its development of
potential products for the treatment of conditions including rhinitis,
asthma, conjunctivitis, dermatitis, and allergic gastrointestinal
diseases.
Under the terms of the option agreement, BioSante will receive a
$250,000 upfront option payment. If the option is exercised and the
parties enter into an exclusive license agreement, BioSante will
receive a one-time license fee, annual maintenance payments, milestone
payments upon the achievement of regulatory milestones and royalties
on commercial sales of any allergy product that is developed using
CaP. The various payments may total up to $10 million or more,
assuming at least three products are developed.
"The U.S. anti-allergy medication market is expected to exceed $10
billion by 2010, and it is estimated that up to 25 percent of the U.S.
population suffers from at least one allergy," said Stephen M. Simes,
president and chief executive officer of BioSante. "This agreement is
very exciting for BioSante, as it acknowledges a new potential use for
CaP within this growing market."
During the evaluation period, the European company will evaluate
CaP's ability to improve current allergy products. The European
company may exercise its option to enter into an exclusive license for
the use of CaP in allergy products at any time but must exercise no
later than within 60 days of the end of the 22-month evaluation
period.
About BioSante Pharmaceuticals, Inc.
BioSante is developing a pipeline of hormone therapy products to
treat both men and women. These hormone therapy products are gel
formulations for transdermal administration that deliver bioidentical
estradiol and testosterone. BioSante's lead products include
Bio-E-Gel(TM) (bioidentical estradiol gel) for the treatment of women
with menopausal symptoms, and LibiGel(TM) (bioidentical testosterone
gel) for the treatment of female sexual dysfunction (FSD). The current
market in the U.S. for estrogen and testosterone products is
approximately $2.5 billion. The transdermal gel formulations used in
the women's gel products are licensed by BioSante from Antares Pharma
Inc. The company also is developing its calcium phosphate
nanotechnology (CaP) for novel vaccines, including biodefense vaccines
for toxins such as anthrax and ricin, and drug delivery systems.
Additional information is available online at www.biosantepharma.com.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The
statements regarding BioSante contained in this press release that are
not historical in nature, particularly those that utilize terminology
such as "may," "will," "should," "likely," "expects," "anticipates,"
"estimates," "believes" or "plans," or comparable terminology, are
forward-looking statements. Forward-looking statements are based on
current expectations and assumptions, and entail various risks and
uncertainties that could cause actual results to differ materially
from those expressed in such forward-looking statements. Important
factors known to BioSante that cause actual results to differ
materially from those expressed in such forward-looking statements are
the difficulty of developing pharmaceutical products, obtaining
regulatory and other approvals and achieving market acceptance, and
other factors identified and discussed from time to time in BioSante's
filings with the Securities and Exchange Commission, including those
factors discussed on pages 19 to 31 of BioSante's Form 10-KSB, which
discussion also is incorporated herein by reference. All
forward-looking statements speak only as of the date of this news
release. BioSante undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.